House of Representatives North West Caucus Chairman Condemns EFCC’s Invasion of Dangote Industries, Highlights Risks to National and International Investments

House of Representatives North West Caucus Chairman Condemns EFCC’s Invasion of Dangote Industries, Highlights Risks to National and International Investments

Political Leader Condemns EFCC’s Invasion of Dangote Industries

Hon. Sada Soli, Chairman of the House of Representatives North West Caucus, has expressed strong disapproval of the recent intrusion by the Economic and Financial Crimes Commission (EFCC) into Dangote Industries, situated in Lagos.

He contends that such actions not only jeopardize domestic but also foreign investments in the country.

EFCC’s Operation and the Alleged Forex Allocations Probe

Last week, EFCC operatives carried out a visit to the Lagos Head Office of the Dangote Group.

This move was reportedly linked to forex allocations to the group from 2015 until the suspension of Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN).

Dangote’s Response and EFCC’s Stance

Aliko Dangote, the Chairman of the Dangote Group, swiftly denied any wrongdoing, expressing his willingness to collaborate with the EFCC’s investigation.

On the other side, an EFCC source confirmed the visit, stating it was prompted by the company’s reluctance to provide requested documents. The source clarified that the visit was not a raid but conducted with a search warrant.

Lawmaker Sada Soli’s Critique and Urgent Appeal

Hon. Sada Soli, who also chairs the House Committee on Water Resources, released a statement in Abuja expressing his discontent with the situation.

He called on President Bola Tinubu and fellow Nigerians to address the issue of preferential foreign exchange allocations. Soli emphasized the need for decorum to prevent potential disharmony.

Concerns Over EFCC’s Approach and Economic Implications

Sada Soli voiced concern about the methodology employed by the EFCC in the investigation, stating that storming offices could send the wrong signals.

He highlighted the precarious economic situation, with rising inflation, foreign investment outflows, and a decline in foreign direct investment.

Protecting Major Contributors to the Economy

The legislator underscored the departure of prominent multinational companies from Nigeria over the past year, contributing to increased unemployment.

He stressed the importance of not discouraging investments from major entities like Wale Tinubu, BUA Group, and Dangote, acknowledging their significant role as employers and contributors to the economy.

Cautionary Measures and Protection of National Companies

Sada Soli suggested measures to ensure companies adhere to laws without creating a hostile business environment.

He proposed waivers, pioneer status tax holidays, and incentives, drawing examples from countries like the United States, China, and Europe.

Rumors of Misuse and Protection of Northern Interests

Expressing concern over rumors of a forex probe being a pretext for control over Dangote Refinery, Soli urged against the perception of targeting northern interests.

While acknowledging the absence of conclusive proof, he stressed the importance of innovative individuals in the country’s development.

The Call for a Balanced Approach

In conclusion, Sada Soli urged the government and anti-graft agencies to employ best practices in handling infractions, avoiding methods that could create a hostile environment for business.

He emphasized the need to protect national companies during challenging economic times and called for a balanced and careful approach to investigations to maintain a conducive investment climate in Nigeria.

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